XRP, is it putting an end to 70 days of sideways movement..."Don't give up out of boredom and miss the $2 rally"

▲ XRP

XRP has been testing investors' patience by staying in a narrow price range around $1.40 since May. Despite 70 days of sideways movement, technical indicators and past returns suggest that XRP could enter a strong rebound phase this month.

U.Today reported on May 5 (local time) that, according to TradingView's daily chart, XRP has not yet gained enough strength to clearly cross the middle line of the Bollinger Bands. The current price remains near the bottom of the channel, which is often interpreted in trading as an accumulation phase preceding a breakout after a prolonged sideways trend.

The key is the monthly chart. On a monthly basis, the middle line of the Bollinger Bands is located at $2.03. This price level has been presented as a critical benchmark separating the current stagnant trend from a return to a global bullish trend. For XRP to reach this level, it needs to rise by approximately 45% from its current level.

According to CryptoRank data, XRP's average historical return for May is 23.4%. May is traditionally considered a favorable month for XRP, but for XRP to reach the psychological resistance level of $2 this year, it would need to achieve a growth rate nearly double its past average return.

U.Today assessed that such a scenario, while ambitious, is not impossible. The market is closely watching the progress of the CLARITY Act, a US cryptocurrency market structure bill. If XRP's status as a digital asset is clarified through legislation, it could act as a catalyst for a 45% rally.

As of May 5, XRP continues its wait-and-see approach. If it breaks through the resistance level near $1.50 within the next week, XRP's May trend could shift to a more aggressive upward scenario, surpassing its historical average.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*